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Market Chatter: Indonesian Tycoon Makes $3 Billion Bid for Controlling Stake in Bayan Resources

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Indonesian business tycoon Andi Syamsuddin Arsyad has offered around $3 billion for a controlling stake in coal mining company Bayan Resources (IDX:BYAN), Bloomberg reported Wednesday, citing people familiar with the matter.

An entity controlled by the businessman's Jhonlin Group has offered to acquire around a 62% stake in Bayan from the promoter Low Tuck Kwong and his daughter, Elaine, the report said.

The offer values the miner at around $4.8 billion, which is over 80% lower than an equity market value of about $26 billion.

Bayan and Jhonlin Group did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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